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    Professional Office Space in Ridgeland Title is generated by Realmo AI

    359 Towne Center Blvd, Ridgeland, MS 39157

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    Well-located office property with strong visibility and convenient access.

    Type:Office
    Added:
    Nov 10, 2023
    Days on Market:
    934
    Last Refresh:
    May 12 at 10:42 pm

    Property Features for 359 Towne Center Blvd

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1985

    Spaces For Lease

    at 359 Towne Center Blvd Contact us

    103 $14/Mo

    Size
    1,015 SF
    Type
    Office
    Traditional office use. Suite 103 has four closed offices, a waiting room / reception...
    show more
    Contact us

    303 $14/Mo

    Size
    1,150 SF
    Type
    Office
    Traditional office use. Situated in the heart of Ridgeland's bustling business district,...
    show more
    Contact us

    We can help!

    Listing Contact
    Scott Overby, CCIM

    Listing agent Scott Overby, CCIM License #MS B16124

    Listing office OVERBY

    Listing date Nov 10, 2023

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of OVERBY

    HighLights

    • High‑visibility location on Towne Center Drive with approximately 22,000 vehicles per day.
    • Convenient access and established professional setting in Ridgeland/Jackson market.
    • Functional office space with traditional layouts including closed offices, reception/waiting areas, and private restrooms.
    • Surrounded by restaurants, retail, and service amenities.
    • Well‑suited for professional service users.
    • Practical and accessible office address focused on usability and long‑term stability.

    Overview

    Located at 359 Towne Center Drive, also known as Timrick Plaza, this professional office property serves the Ridgeland and greater Jackson market. Situated within an established commercial corridor with approximately 22,000 vehicles per day, the property offers strong visibility and convenient access in a proven professional setting. The building is well suited for professional service users seeking efficient, functional office space. Available suites feature traditional layouts with closed offices, reception and waiting areas, and private restrooms, supporting day-to-day operations and client interaction. The location is surrounded by restaurants, retail, and service amenities, providing everyday convenience for both clients and staff. Timrick Plaza offers a practical, professional office address for firms focused on usability, accessibility, and long-term stability.
    Property Profile Location Intelligence

    Current Use by Public Records

    Pax Hospice, LLC Nursing Home Nextech Partners Mobile Phone Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ridgeland
    County
    Madison
    State
    Mississippi
    Longitude
    -90.118133
    Latitude
    32.408815

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    FAQs

    What type of property is this?
    Office units - Well-located office property with strong visibility and convenient access.
    Where is this office units located?
    The property is located at 359 Towne Center Blvd Ridgeland, MS.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: High‑visibility location on Towne Center Drive with approximately 22,000 vehicles per day.; Convenient access and established professional setting in Ridgeland/Jackson market.; Functional office space with traditional layouts including closed offices, reception/waiting areas, and private restrooms.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Scott Overby, CCIM
    Real Estate License ID: MS B16124
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    359 Towne Center Blvd, Ridgeland, MS 39157
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